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Your monthly income, tenure, and rate of interest are the factors that affect Rs. 1 Lakh personal loan EMI. Your personal loan Equated Monthly Instalment (EMI) is fixed based on the following factors.
Your Monthly Income
Practically, you will be able to pay only out of what you earn. Your EMI will be fixed based on your net monthly income. Though your monthly income is Rs 25,000 what will be left after meeting your personal and other loan commitments is called a net monthly income.
Your Existing Loan Obligations
This is a very important aspect a lender will look for. If you already have credit cards, term loans, and personal loans from other lenders all your existing EMIs will be considered in calculating your current EMI for Rs 1 lakh personal loan.
Loan Amount, Interest, And Tenure
Your loan amount along with interest is spread over the tenure of the loan and fixed as EMI. The longer the tenure, the lower the EMI. If you have a low net monthly income, the lender will prefer a longer-tenure personal loan so that the monthly EMIs are affordable.
Use online personal loan EMI calculators to know the EMI for a personal loan of Rs 1 lakh. You have to key in your name, the amount of the loan, the rate of interest, the tenure of the loan, your net monthly income, existing EMIs to calculate the current EMI.
